MORTGAGE ‘holidays' have been introduced to support homeowners during this, particularly tough time. While welcome, some people have highlighted it could make repayments more expensive in the long run.

Mortgage payments could be threatened in the coming months as coronavirus impacts income and employment. To help with this issue, Rishi Sunak introduced mortgage holidays which will protect people for up to three months. Many welcomed this plan but some people have been turning to experts like Martin Lewis for further clarity.

In mid-march, the Chancellor of the Exchequer laid out plans for new mortgage protection measures.

Martin told viewers they have until October 31 to apply for a mortgage repayment holiday or an extension on your current repayment holiday. The existing payment holidays can be extended for three months, however, Martin has warned to only do this if it is needed.

MARTIN LEWIS is the founder of Money Saving Expert who regularly shares his financial expertise with members of the public. Today, he has addressed those who are self-employed and the Self-Employment Income Support Scheme (SEISS).

Martin Lewis is well known for his Money Saving Expert website, however also uses his Money Show to provide Britons with the most up-to-date information. The expert has been inundated with questions about furlough recently, as over eight million people are affected across the country. Tonight,

MARTIN LEWIS and Angellica Bell hosted The Martin Lewis Money Show last night on ITV. During the instalment, the Money Saving Expert founder highlighted a way in which some people may be able to cut outgoings by hundreds of pounds each year.